Bank of the United States

Bank of the United States, name of 2 central banks established in the early years of the United States. In 1791 Alexander Hamilton created the first bank of the United States, chartered by Congress for 20 years. It held government deposits and had some control over the issue of paper currency and the extension of credit. But its constitutionality was questioned, and it was so strongly opposed by agrarian interests and the state banks that its charter was not renewed. A second central bank was chartered for 20 years in 1816 to help finance debts of the War of 1812, but its charter renewal was vetoed by President Andrew Jackson.